Oshkosh (OSK) JPMorgan Industrials Conference 2026 summary

Business overview and strategy

• Projects revenue growth from $10.4 billion in 2025 to $11 billion in 2026, targeting $13–$14 billion by 2028 with operating margins of 12–14% and $18–$22 per share.

• Focuses on heavy-duty vehicles and equipment for critical community functions, leading in most end markets served.

• Emphasizes technology and engineering, integrating AI and autonomous features to enhance productivity and safety.

• Applies AI for predictive maintenance, autonomous operations, and digital insights across products and manufacturing.

Financial outlook and macro environment

• Maintains confidence in 2028 targets despite recent disruptions from tariffs and geopolitical events.

• Access Equipment segment most sensitive to interest rates, but labor shortages and uncertainty are bigger constraints than rates.

• Tariff landscape remains volatile; Section 232 tariffs have greater impact than IEEPA, with expectations for similar future policies.

• USMCA renewal is important; exemption from Section 232 tariffs within USMCA would be most beneficial.

Segment performance and opportunities

• Access Equipment market expected to rebound as non-residential construction recovers; technology and innovation remain key differentiators.

• USPS contract for 165,000 Next Generation Delivery Vehicles is ahead of schedule, with strong driver feedback and significant aftermarket potential.

• Vocational trucks, especially fire apparatus, have a three-year backlog; demand seen as stable and not cyclical except during major economic crises.